Ticketmaster In The Hot Seat

Ticketmaster officials faced a grilling on Capitol Hill this morning as lawmakers grilled them about unfair ticketing practices and having a monopoly on the industry. This is all coming to a head because so many fans were screwed out of buying tickets for Taylor Swift's upcoming tour. Ticketmaster absolutely could not handle the demand and then the outrage and news stories began.

But don't worry, Joe Berchtold, Live Nation CEO apologized to all of you and they swear they absolutely do not have a monopoly on the ticket business (Live Nation is the parent company of Ticketmaster). I'm totally sure $1,000 an-hour lawyers did not prepare Berchtold's speech and he definitely wasn't wearing a custom-tailored suit either. He is a man of the people, just sitting online in a Ticketmaster queue, trying to get seats like the rest of us. He's a total Swiftie.

"We apologize to the fans. We apologize to Ms. Swift."

Top executives in the ticketing industry are facing the Senate Judiciary Committee after Ticketmaster’s breakdown last year during a sale of Taylor Swift concert tickets. https://t.co/ivF7eyC0Sp pic.twitter.com/UT1Ue5nUSC

— The Associated Press (@AP) January 24, 2023

Will this go anywhere? Who knows. It is going to take a lot more than one hearing to make something happen here, but it does look like there's some momentum. Also, the CEO of SeatGeek says Ticketmaster / Live Nation should definitely be split up. I'm personally shocked a competitor feels that way. Shocked, I tell you.

SeatGeek CEO Jack Groetzinger called to break up Ticketmaster and Live Nation during the Senate Judiciary Committee's hearing following the #TaylorSwift ticket debacle. https://t.co/z8OqGOmcbN

— billboard (@billboard) January 24, 2023

Let's just hope something positive happens here. Can we at least put a cap on the insane fees? On the endless bots? The crazy reselling of seats so Ticketmaster makes money twice on each show? Stay tuned I guess. I'm going back to drinking coffee and listening to Steely Dan. Bah humbug. Oh and Pearl Jam was right.

Senator Amy Klobuchar has scrutinized Live Nation and Ticketmaster for years. Live Nation claims they're not a monopoly. Will this morning's major Senate hearing increase calls for the company's breakup or solidify their position? https://t.co/vJfs8aeLl7

— Rolling Stone (@RollingStone) January 24, 2023

The Justice Department Opens Investigation Into Ticketmaster/Live Nation

This is a breaking news story - but maybe something will happen regarding the Live Nation/Ticketmaster monopoly! Thank you Taylor Swift (fans).

The investigation was apparently already underway and then the Taylor Swift ticket debacle happened this week, accelerating things.

Breaking News: The Justice Department has opened an antitrust investigation into the owner of Ticketmaster, whose sale of Taylor Swift tickets descended into chaos this week, focused on whether Live Nation has abused its power over the live music industry. https://t.co/bNAWGXhYyU

— New York Times Music (@nytimesmusic) November 18, 2022

Sunday's Best: Week 20: 2022

Monkeypox, oh my! The odd outbreak is a nice reminder to keep on washing your hands aggressively - especially since we are in yet another COVID-19 surge in America... just in time for concert season!

Concerts always make me think of Ticketmaster and then I usually get mad. On three separate occasions this past week, I looked up seats for different shows and in each instance I was just plain turned off by the ridiculous ticket prices and fees. I know every person reading this site can agree with that sentiment! No one thinks, "Hey I wish Ticketmaster charged me MORE for the privilege of buying a ticket online!"

Now, I see the story below from The Washington Post about Live Nation and Ticketmaster getting tons of pandemic relief funds meant for small venues. Now, Live Nation had a workaround which was technically legal but still let them get funds for venues owned as a subsidary. Be sure to read the entire article - it is very detailed. From the piece:

Live Nation as a parent company did not directly receive any money from the program, but the government relief to its subsidiaries still protected its investments and improved its long-term outlook, however slightly. The earnings of its subsidiaries provide Live Nation with crucial cash flow and enable it to service its debt, it said in securities filings. The aid enabled the companies to pay staff and recover more quickly from the disruption, their executives said in interviews and emailed statements.

In one case, one of the companies that received funds from the SBA borrowed money from Live Nation and its other owners in the first months after covid hit, showing how the parent company played an active role in its survival. In another case, one of the subsidiaries that received taxpayer funds did not need to tap an available credit line from Live Nation, showing how the grant could have shielded the parent company from having to finance the entity’s survival.

Just makes me sick and that's our Sunday's Best Worst for this week! #Pitchforks!

Subsidiaries of Live Nation, the corporate parent of Ticketmaster, received millions in pandemic aid meant for independent venues https://t.co/RfGbItORYq

— The Washington Post (@washingtonpost) May 22, 2022